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As quickly as cameras flash at the Oscars, Congress passed the Tax Cuts and Jobs Act (“TCJA”) and left taxpayers holding the bag in some areas.  Unlike in the movies, taxpayers cannot do a reshoot if the first take is not perfect.  After almost two years, Congress may again pass additional legislation within a 48-hour period, which may resolve certain issues that have arisen in Hollywood since the TCJA. On December 18, 2019, the House…
Individuals working in the entertainment and media industries will feel the pinch in home-states like California and New York. Last month, a federal judge dismissed a lawsuit against the Treasury Department brought by New York, Connecticut, Maryland, and New Jersey that challenged the constitutionality of the Tax Cuts and Jobs Act’s limitation on the federal deduction for state and local taxes paid. The TCJA imposed a $10,000 upper limit, known as the SALT Cap, to…